Madoff's Items Auctioned: Jewelry, Clothes And Stationary Up For Grabs

NEW YORK — Of all the items set to go on the auction block this week at a midtown Manhattan hotel, there's one that would take some mettle to wear in public: A satin New York Mets baseball jacket emblazoned with the name "Madoff."

The jacket – valued at between $500 and $700 – is among hundreds of pieces of jewelry, clothing and other personal effects once owned by disgraced financier and vanquished Mets fan Bernard Madoff and his wife, Ruth.

Madoff, 71, was sentenced in June to 150 years in prison for orchestrating a massive Ponzi scheme that spanned decades. The property will be sold to raise money for his victims. Gaston & Sheehan Auctioneers Inc. will hold the auction Saturday at the New York Sheraton.

Though thousands of investors with Madoff's once-respected advisory firm believed their securities accounts were worth tens of billions of dollars, he never made investments and instead siphoned new investors' money to pay returns to existing ones – and to fuel a life of luxury.

Madoff's punishment included a forfeiture order that stripped the Madoffs of nearly all their wealth. The order gave the U.S. Marshals Service authority to seize and sell his homes, boats, cars and other personal property.

The smaller-ticket collectables on the list of sale items include stationery with Bernard and Ruth's names printed on it; flatware engraved with the initials "RMB"; and a wallet embossed with "BLM." There's art, golf clubs and fishing rods. Also a cache of designer purses – Hermes, Louis Vuitton, Prada – valued at hundreds of dollars a piece and antiques that range into the thousands.

It's clear Madoff had a taste for wildly expensive wristwatches, especially Rolex. A half dozen Rolexes are available, including one listed as a "vintage Rolex O.P. 'Monoblocco' chronograph," also known as – yes – a "Prisoner Watch." Estimated value is $75,000 to $87,500.

The Mets jacket carries its own special meaning: Team owners Fred Wilpon and Saul Katz were among the victims of Madoff's fraud. Earlier this year, his season tickets behind home plate at the new Citi Field were auctioned for $38,100 on eBay.

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On the Net:

Gaston & Sheehan Auctioneers Inc. http://www.txauction.com

Comments

[Democratt]

This more than anything else is why I don't trust Obama anymore.

The moment it became clear he wasn't going to fight to actually clean up the financial industry is the moment it became clear that the hope and change rhetoric was just that, rhetoric. All he cares about is keeping corporate money in dem hands, he doesn't dare anger his corporate sponsors.

good articles 4 slow news day: http://financeopinionss.blogspot.com

the system needs to be overhauled cuz nothing seems to change .

[voltage356]

Out of all the presidents we have had in this country what makes him any different from protecting the corp interest and trust me he won't be the last.

[NevaforLeadership]

Be clear in your mind what it is he should have done. To answer that question, you have to understand the financial industry.

What exactly needs to be overhauled?

[invirginia]

The author obviously has never purchased an Hermes, Louis Vuitton, or Prada purse. These rarely go for mere hundreds of dollars. Maybe their condition is poor from stuffing so much stolen cash in them. New retail costs for these items are usually well over $1,000 and up to several thousand.

[hellboundtrain]

Garbage trinkets all.

[NevaforLeadership]

I wasn't aware that Bush had done anything to destroy healthcare, other than not to reform it; however, many presidents before him didn't reform it either.

Ironically, it is Bush who introduced the Medicare-D give-away for seniors, projected to add immensely to the cost of Social Security, Medicare, Medicare-D and Medicaid, all projected to take up the entire US budget, not counting any costs that may emanate from the public option of the current healthcare bill.

[stopthebailings]

hat tip to: http://financeopinionss.blogspot.com

[JScott]

stationery not stationary unless of course it's affixed to something that isn't moveable.

[TradeLosses]

Lets all pray that the health care bill doesn't get stonewalled in the Senate...

good articles; http://financeopinions.blogspot.com

This is just one step in a staircase of much needed reforms after 8 years of destruction.